BHP Shareholders See Room for One More Sweetened Anglo Bid
- An improved $43 billion all-share approach has been rejected
- Anglo presented a self-help overhaul plan on Tuesday
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Shareholders in BHP Group Ltd. and takeover target Anglo American Plc expect the world’s largest miner to come back with a third and improved proposal before a regulatory deadline next week, even after the smaller company laid out a bold restructuring plan of its own on Tuesday.
Anglo has twice rejected all-share approaches from BHP that would require it to spin off listed South African businesses, arguing the proposal created “significant uncertainty” for shareholders. Instead, to counter the latest $43 billion move, it has said it will itself exit diamonds, platinum and coal, turning into a miner focused on copper and iron ore — crown jewels for the group.